THE FUND, INC. SCHEDULE OF INVESTMENTS / MAY 31, 2021 (SHOWING PERCENTAGE OF NET ASSETS) (unaudited)

US $ SHARES VALUE COMMON STOCKS – 93.6% CONSUMER DISCRETIONARY — 5.7% Household Durables — 0.7% Nien Made Enterprise Co., Ltd. 133,000 $ 1,953,732 Leisure Products — 1.3% Giant Manufacturing Co., Ltd. 230,000 2,744,363 Merida Industry Co., Ltd. 93,000 1,081,181 3,825,544 Textiles, Apparel & Luxury Goods — 3.7% Eclat Textile Co., Ltd. 282,000 6,556,839 Fulgent Sun International Holding Co., Ltd. (a) 853,877 3,755,267 10,312,106 TOTAL CONSUMER DISCRETIONARY 16,091,382 ENERGY — 2.0% Oil, Gas & Consumable Fuels — 2.0% Formosa Petrochemical Corp. 1,546,000 5,573,079 TOTAL ENERGY 5,573,079 FINANCIALS — 0.9% Insurance — 0.9% Fubon Financial Holding Co., Ltd. 952,000 2,481,195 TOTAL FINANCIALS 2,481,195 HEALTHCARE — 4.6% Health Care Equipment & Supplies — 3.2% Pegavision Corp. (a) 492,000 9,133,938 Health Care Providers & Services — 1.4% Universal Vision Biotechnology Co., Ltd. 354,000 3,879,382 TOTAL HEALTHCARE 13,013,320 INDUSTRIALS — 20.7% Building Products — 1.6% Taiwan Glass Industrial Corp. * 3,746,000 4,442,725 Electrical Equipment — 0.9% Advanced Energy Solution Holding Co., Ltd. * 86,000 2,486,329 Machinery — 2.1% Airtac International Group 166,000 5,972,062 Marine — 16.1% Evergreen Marine Corp. Taiwan Ltd. * 5,993,000 21,301,339 U-Ming Marine Transport Corp. 2,953,000 6,365,761 Wisdom Marine Lines Co., Ltd. 3,916,000 9,514,551 Yang Ming Marine Transport Corp. * 2,184,000 8,069,790 45,251,441 TOTAL INDUSTRIALS 58,152,557

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THE TAIWAN FUND, INC. SCHEDULE OF INVESTMENTS / MAY 31, 2021 (SHOWING PERCENTAGE OF NET ASSETS) (continued) (unaudited)

US $ SHARES VALUE INFORMATION TECHNOLOGY — 50.9% Communications Equipment — 2.9% Accton Technology Corp. 729,000 $ 8,080,875 Electronic Equipment, Instruments & Components — 12.2% Co-Tech Development Corp. 1,544,000 4,430,432 Gold Circuit Electronics Ltd. * 1,613,000 3,209,661 Innolux Corp. (a) 11,666,000 10,240,158 Lotes Co., Ltd. 63,000 1,346,731 Nan Ya Printed Circuit Board Corp. 750,000 8,935,492 Sensortek Technology Corp. (a) 213,000 4,852,688 Unimicron Technology Corp. 321,000 1,301,797 34,316,959 Semiconductors & Semiconductor Equipment — 35.8% Alchip Technologies Ltd. 23,000 483,373 ASMedia Technology, Inc. 49,000 2,667,219 eMemory Technology, Inc. 107,000 3,633,460 Globalwafers Co., Ltd. 222,000 6,714,299 Kinsus Interconnect Technology Corp. 1,198,000 4,728,862 Macronix International Co., Ltd. (a) 1,571,000 2,389,870 MediaTek, Inc. 107,000 3,837,891 Novatek Microelectronics Corp. 215,000 4,138,714 Parade Technologies Ltd. 34,000 1,875,237 Silergy Corp. 81,000 10,745,300 Taiwan Semiconductor Manufacturing Co., Ltd. 2,283,000 49,132,171 United Microelectronics Corp. 4,025,000 7,690,020 Winbond Electronics Corp. 2,134,000 2,627,065 100,663,481 TOTAL INFORMATION TECHNOLOGY 143,061,315 MATERIALS — 8.8% Chemicals — 4.7% Formosa Chemicals & Fibre Corp. 719,000 2,218,648 . 1,661,000 6,197,202 Nan Ya Plastics Corp. 1,590,000 4,837,548 13,253,398 Construction Materials — 0.9% Corp. 1,391,000 2,587,394 Metals & Mining — 3.2% Steel Corp. 3,666,000 4,883,066 Chung Hung Steel Corp. * 2,070,000 3,910,096 8,793,162 TOTAL MATERIALS 24,633,954 TOTAL COMMON STOCKS (Cost — $166,299,884) 263,006,802

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THE TAIWAN FUND, INC. SCHEDULE OF INVESTMENTS / MAY 31, 2021 (SHOWING PERCENTAGE OF NET ASSETS) (continued) (unaudited)

US $ VALUE TOTAL INVESTMENTS — 93.6% (Cost — $166,299,884) $ 263,006,802 OTHER ASSETS AND LIABILITIES, NET—6.4% 18,002,278 NET ASSETS—100.0% $ 281,009,080

Legend: US $ – United States dollar * Non-income producing (a) All or a portion of the security is on loan. The market value of the securities on loan on May 31, 2021 is $8,079,479, collateralized by U.S. Government securities in the amount of $8,595,450.

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